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    TMUS
    Earnings call· Mar 2026(Q1 FY26)

    T-Mobile US Q1 FY26 earnings call TMUS

    Apr 28, 2026 Source

    Executive summary

    T-Mobile Q1 FY26 — Strong Growth and Widening Differentiation

    This quarter, T-Mobile demonstrated robust execution of its differentiation strategy, driving industry-leading growth across key metrics. The company continues to advance its network and AI capabilities while expanding its broadband and fiber footprint through strategic partnerships. Management remains focused on delivering long-term shareholder value through disciplined capital allocation and a unique customer value proposition.

    Highlights

    6
    • Achieved an industry-leading NPS score of 45, over 20% higher than the next closest competitor.

    • Delivered 217,000 postpaid net account additions in Q1, representing a 6% year-over-year increase.

    • Reported strong postpaid ARPA growth of 3.9% year-over-year.

    • Grew total service revenue by 11% year-over-year, more than 4x that of the next closest competitor, and postpaid service revenue by 15% year-over-year.

    • Increased core adjusted EBITDA by an industry-leading 12% year-over-year.

    • Returned $6 billion to shareholders in Q1 through dividends and share buybacks.

    Concerns

    2
    • Equipment sales versus equipment revenue produced a greater loss by a few hundred million dollars year-over-year.

    • Q2 postpaid ARPA growth is anticipated to be lower, near 2% year-over-year, due to prior year rate plan optimizations and the dilutive effects of recent acquisitions (UScellular, Metronet, Lumos).

    Guidance & targets

    9
    CategoryTargetConfidence
    Total postpaid net account additions
    950,000 and 1,050,000
    high materiality
    High
    Full year service revenue
    approximately $77 billion
    high materiality
    High
    Q2 service revenue
    approximately $19 billion
    medium materiality
    High
    Full year postpaid ARPA growth
    between 2.5% and 3%
    high materiality
    High
    Full year core adjusted EBITDA
    between $37.1 billion and $37.5 billion
    high materiality
    High
    Q2 core adjusted EBITDA
    approximately $9.4 billion
    medium materiality
    High
    Full year 2026 cash CapEx
    approximately $10 billion
    high materiality
    High
    Full year adjusted free cash flow
    between $18.1 billion and $18.7 billion
    high materiality
    High
    Stockholder return authorization
    up to $18.2 billion
    high materiality
    High

    Operational metrics

    12
    NPS score
    45over 20% higher than next closest competitor
    Q1 FY26

    Industry-leading NPS score.

    Total broadband net additions
    over 0.5 millionaccelerating year-over-year
    Q1 FY26

    Fastest-growing ISP in America.

    5G broadband speeds
    over 50% faster
    Q1 FY26

    Leading the peer group.

    T Life monthly active users
    25 million
    Q1 FY26

    Engaging with the app multiple times a month.

    Shareholder returns
    $6 billion
    Q1 FY26

    Returned in the form of dividends and share buybacks.

    AI-powered chatbot containment rate
    60%
    Q1 FY26

    Capturing and addressing customer questions.

    Equipment sales vs. revenue loss
    a few hundred million dollars greater lossyear-over-year
    Q1 FY26

    Increased loss compared to prior year.

    Postpaid phone churn
    up about 3 bps
    Q1 FY26

    Relatively stable.

    Premium tier rate plan adoption (new accounts)
    over 60%
    Q1 FY26

    Percentage of new account lines on premium tier rate plans.

    Customer savings (T-Mobile vs. competitors)
    $3,800
    last 5 years

    Savings for T-Mobile customers relative to competitors.

    Postpaid switching win share (smaller markets/rural areas)
    12 quarters in a row
    Q1 FY26

    Leading position.

    UScellular customer base
    4 million
    as of transaction close

    Relatively small base undergoing migration.

    Industry KPIs

    9
    MetricValueDetails
    Postpaid arpa vs ARPU3.9%%
    Free cash flow FCF guidance24%%
    Service revenue growth rate11%%
    Fiber jv cost synergy programs$2.7 billionUSD
    Postpaid net account additions217,000accounts
    Spectrum position network benchmarks45
    Fwa subscriber base and capacity modelover 0.5 millionnet additions
    Postpaid phone churn vs postpaid account churnup about 3 bpsbps
    Market share of postpaid households switching wi24%%

    Product announcements

    4
    ProductTypeDetails
    Live translation on betalaunch
    T-Mobile 5G advanced network connectivity for Figure AI's F03 humanoid robotsexpansion
    Better value planlaunch
    Super Broadbandlaunch

    Deals & partnerships

    3
    GoNetSpeed, Greenlight Networks, i3 Broadbandacquisition$2.7 billion investment across the 2 JVs

    T-Mobile is entering into two additional JVs with leading infrastructure partners to acquire these fiber assets. The strategy focuses on local scale and pure-play fiber assets, not chasing homes passed numbers.

    SpaceXpartnership

    Partnership for Direct to Cell service, aimed at ending dead zones. Usage primarily in national parks. Seen as a complementary product, distinct from broadband. T-Mobile also partners with SpaceX for Super Broadband, a B2B product combining 5G FWA with satellite backup.

    Figure AIpartnership

    Connecting T-Mobile's 5G advanced network to Figure AI's F03 humanoid robots to enable seamless and reliable connectivity. This collaboration explores how the network can support the evolution of physical AI and edge inferencing.

    Risks & headwinds

    3
    Competitive intensity in postpaid marketQ1 FY26

    January was 'particularly competitive and particularly heavy in one-dimensional competition based on subsidies.'

    Mitigation: Focus on differentiation through best network, value, and experience; thoughtful promotion design based on customer lifetime value (CLV).

    Dilutive effects of acquisitions on ARPAQ2 FY26

    Q2 ARPA growth expected to be near 2% year-over-year, lower than Q1.

    Mitigation: Anticipated and factored into full-year ARPA guidance of 2.5%-3%; underlying organic ARPA growth is stronger.

    Increased loss from equipment salesQ1 FY26

    Equipment sales versus equipment revenue produced a greater loss by a few hundred million dollars year-over-year.

    Mitigation: Attributed to a larger customer base and higher acquisitions/upgrades; device promotions are designed to drive switching and upgrades on a smart, value-accretive CLV basis, often linked to premium device plans that drive ARPA increases.

    Q&A highlights

    8

    Can you comment on reports of a potential merger with Deutsche Telekom, including the logic, logistics, and potential premium for US shareholders?

    Management does not comment on market rumors or speculation. However, hypothetically, any such transaction would require a separate approval process by disinterested shareholders, often referred to as a majority of the minority.

    As a matter of policy, we don't comment on market rumors or speculation, nor is there anything specific to comment on anyway. However, the article has raised a lot of questions inbound on governance. We've looked into the governance. And what I've been told is hypothetically, if someone were to ever consider such a transaction reported in the article, that would specifically require a separate approval process by disinterested shareholders, what many of you refer to as majority of the minority.

    asked by Craig Moffett · answered by Srinivasan Gopalan

    2 min read5 chapters

    Detailed Narrative

    01

    Strategic Differentiation and Market Penetration

    T-Mobile's strategy of widening differentiation, offering the best network, value, and experience, is driving significant growth. The company achieved an industry-leading NPS score of 45, more than 20% higher than its closest competitor. This differentiation is attracting network seekers and enabling T-Mobile to gain market share, particularly in smaller markets and rural areas where it holds a 24% share of households and has led postpaid switching for 12 consecutive quarters.

    02

    Advancing Network and AI Capabilities

    The company is continuously pushing the boundaries of its nationwide 5G advanced network. T-Mobile is rolling out its first network-native AI application, live translation, which uses language learning models embedded in its core. Furthermore, a partnership with Figure AI will connect T-Mobile's 5G advanced network to F03 humanoid robots, exploring how the network can support the broader evolution of physical AI and edge inferencing, positioning the company for future 6G capabilities.

    03

    Broadband Leadership and Fiber Expansion

    T-Mobile maintained its position as the fastest-growing ISP in America, adding over 0.5 million total broadband net additions in Q1, with 5G broadband net adds accelerating year-over-year. Its 5G broadband speeds are over 50% faster than the next closest competitor. The company is expanding its fiber footprint through two new joint ventures to acquire GoNetSpeed, Greenlight Networks, and i3 Broadband, emphasizing a returns-focused, capital-efficient approach to create local equity value rather than chasing homes passed numbers.

    04

    Customer Experience and Retail Evolution

    Customer experience remains a key differentiator, with the T Life app engaging 25 million monthly active users and serving as a unified platform for digital interactions and growth into adjacencies like financial services and advertising. The retail strategy is evolving towards 'experience stores,' which exhibit higher premium mix and NPS scores, leading to a future mix shift towards fewer but more impactful physical locations.

    05

    UScellular Integration Progress

    The integration of UScellular is progressing well, with customer migration efforts now in their final stages. The company expects to substantially complete the integration by the end of the current year. This integration is bolstering T-Mobile's network advantage in smaller and rural markets, leveraging past experience from the Sprint integration to ensure a smooth transition for the approximately 4 million UScellular customers.

    AI-generated summary of the company’s earnings call. Not investment advice.